HOME › Research Insight › Mergers and Acquisitions, Partnership/Collaboration and Agreements are Some of the Mostly Adopted Strategies by the Market Players in Parking Management Market
Mergers and Acquisitions, Partnership/Collaboration and Agreements are Some of the Mostly Adopted Strategies by the Market Players in Parking Management Market
Parking management solutions greatly provide convenience to the drivers by reducing traffic congestion as well as simplify and automate the business operations of the parking site owners. These solutions not only help in efficiently managing road vehicular traffic and parking, but also help in supervising security and safety aspect of parked vehicles. The parking management market is expected to witness high growth, owing to the increasing penetration of cloud and mobile technologies in various industry sectors. The global parking management market is projected to be USD 5.00 Billion by 2021, and is expected to grow at a Compound Annual Growth Rate (CAGR) of 10.6% during the forecast period.
This market includes a large number of vendors, such as, XEROX Corporation (U.S.), Siemens AG (Germany), Kapsch TrafficCom AG (Austria), AMANO Corporation (Japan), Cubic Corporation (U.S.), SWARCO AG (Austria), INRIX, Inc. (U.S), INDIGO (France), T2 Systems, Inc. (U.S.), and SKIDATA AG (Austria). Players in this market have embraced different strategies to extend their worldwide presence and increase their market share. Mergers and acquisitions, partnership/collaboration and agreements are some of the mostly adopted strategies by the market players to enhance their product and service offerings and expand their customer base.
Companies such as Kapsch TrafficCom AG and AMANO Corporation have adopted the strategy of merger & acquisition to expand their product portfolio and strengthen their market position in the parking management market. Kapsch TrafficCom AG is one of the leading provider in this market. The company caters to wide clientele base comprising governments as well as organizations operating in technology, telecom, transportation, and other sectors through its innovative products and solutions. The companyís long-term strategy is focused towards inorganic growth to expand its portfolio and serve a larger customer base worldwide. In April 2016, the company acquired Schneider Electricís Transportation business that enables Kapsch TrafficCom to incororate Schneider Electricís intelligent transportation management solutions into its parking management solutoins portfolio.
AMANO Corporation is another major provider of parking management solutions. The company offers a broad range of products in the market, and focuses on both inorganic and organic growth strategy to tap into the parking management market. AMANO MCGANN acquired PG PARK, Inc. to improve its customer service capabilities and also expand its business in the Canadian market. Morover, AMANO MCGANN introduced a new feature in its product offering namely, Overture line that allows enhanced and automated parking system.
Parking Management Market by Software and Professional services, by Solution (Access Control, Security & Surveillance, Fee & Revenue Management, Enforcement & Permit Management) - Global Forecast to 2021
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